AUD/JPY forming a nice reversal, time to start selling
May 22, 2017 3:19 pm
Price is about to find major resistance below the 83.09 resistance (Fibonacci retracement, horizontal overlap resistance, Elliott wave theory) and we expect a strong drop from this level towards 81.77 support (Fibonacci extension, horizontal swing low support, Elliott wave theory).Stochastic (21,5,3) is seeing major resistance below the 93% where we expect price to continue to drop from.Correlation analysis: We’re expecting general JPY strength with USD/JPY expecting a drop too.
Sell below 83.09. Stop loss at 83.51. Take profit at 81.77.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Price is about to find major resistance below the 83.09 resistance (Fibonacci retracement, horizontal overlap resistance, Elliott wave theory) and we expect a strong drop from this level towards 81.77 support (Fibonacci extension, horizontal swing low support, Elliott wave theory).Stochastic (21,5,3) is seeing major resistance below the 93% where we expect price to continue to drop from.Correlation analysis: We’re expecting general JPY strength with USD/JPY expecting a drop too.
Sell below 83.09. Stop loss at 83.51. Take profit at 81.77.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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